Technically, according to the 4 hours chart, the risk is towards the upside due to back to back bullish candles.

Ether Price Rise

Yesterday, I stated that Ether price likely completed a correction versus the US Dollar and may rise in the short term. The ETH/USD pair did manage to gain strength and found support on the downside for an upside move.

Ether Price Analysis Technical Chart

Yesterday’s highlighted major support trend line on the hourly chart of ETH/USD acted as a perfect buy zone and pushed the pair higher. The upside move was strong, as during the drift the Ether bulls also managed to break a contracting triangle pattern on the same chart.

Furthermore, there was a close above the $11.80 resistance, as the price traded to a high of $12.16. It is currently facing minor offers, which presents a risk of a minor correction. In that case, the 38.2% Fib retracement level of the last wave from the $11.49 low to $12.16 high may act as a support at $11.80.

ETH/USD pair trend analysis

Ether rose strongly to a high of $12.16 to create a new weekly high. This suggests that the price is clearly in an uptrend. According to the 4 hours chart, the ETH/USD pair is at a risk of more gains since the last two candles are pretty bullish. It is a signal that even if there is a minor correction, the bulls remain in control.

On the upside, the next level of interest could be at $12.40. It is a major hurdle and sellers may attempt to prevent further upsides.

Important Resistance Levels
$12.15 and $12.40
Important Support Levels
$11.80 and $11.60
Hourly RSI
The RSI technical indicator is well above 50 level, which is a positive signal.
Hourly MACD
The MACD is strongly bullish, calling for $12.16 break.
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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

12-04-2016 ETH/USD Weekly Forecast: Odds of Further Declines Increase
09-14-2016 Ether Price Testing Short-Term Support
09-13-2016 ETH/USD Upside Continuation Is Possible
09-12-2016 Ether Price Likely Completed A Correction
   

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